SHANGHAI, Jun. 13 (SMM) –SHFE 1708 aluminum, the most active contract, hit its lowest since early January at 13,630 yuan/tonne on June 9 as a result of aggressive short selling. Will the light metal make a comeback or fall even further?
SMM sees a pessimistic picture for aluminum.
The off-season has arrived in advance, while supply keeps growing. SMM statistics showed aluminum capacity in operation nationwide now totals 38.70 million tonnes and additional over 1.5 million tonnes are expected to enter operations in H2. No fresh stimulus news has been heard over the supply side reform of late. Market confidence thus faded.
SMM expects SHFE 1708 aluminum to drop to 13,450-13,800/tonne in the short term.
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